There Is Always Competition
A competitive analysis is a critical part of your overall strategic, sales, marketing, and product plans. With this evaluation, you can establish what makes your product or service unique–and therefore what attributes you play up in order to attract your target market.
While a Competitive Analysis can create valuable insights across your organization, it is not uncommon for a specific department, such as Marketing or Product Development, to initiate this type of project. This approach works fine for competitive insights into these departments’ needs, but be cautious to try to utilize the narrow focus of one group as a barometer for the entire organization.
Competition is a rivalry in which sellers try to get what other sellers are seeking: sales, profit, and market share. By forcing different sellers to offer the best practicable combination of price, quality, and service the market becomes active and competitive.
The challenge in evaluating the marketplace for competition is the lack of information. Your competitors don’t want you to know many details of their business, costs, and plans. And the likelihood that you don’t, or can’t, know all the players in a given market.
The more you can uncover, and the more you can glean from the information, the better prepared you can be marketing your own goods and services.